The United Nations Climate Change Conference (COP28) has sparked optimism and positive momentum in the Middle East, particularly in the realm of sustainable finance. Germany and the UAE have led the way by pledging $100 million to the newly-announced Loss and Damage Fund, a move that was met with a standing ovation from conference delegates. The fund aims to assist developing countries in tackling the effects of climate change.
Sebastian Goeres, CEO of LGT in the Middle East, believes that the success of COP28 hinges on the reaffirmation of earlier commitments to limit global warming to a 1.5 degrees rise by 2030 compared to pre-industrial levels. He also sees the conference as a unique opportunity to engage Ultra High Net Worth (UHNW) clients in discussions about Environmental, Social, and Governance (ESG) and sustainability.
Goeres notes that while Middle Eastern clients may be slightly behind their European and North American counterparts in terms of ESG and sustainable investing, they are nonetheless considering these factors in their decision-making processes. The hosting of COP28 in the UAE has provided a springboard for greater discussion around sustainable investing.
Goeres also highlights the potential investment opportunities arising from companies working on climate solutions. He believes that the excitement around COP28 is palpable, with the event serving as a good opportunity to discuss ESG issues with clients. He also sees LGT as well-positioned to support younger generations, who are highly educated about sustainability and climate change and are increasingly interested in aligning their wealth with impact investing and ESG.
LGT, a family-owned global private bank with a 900-year history, manages around CHF300 billion of assets globally. This long-term perspective has allowed LGT to help the companies it invests in shift towards more sustainable operations. LGT’s impact investing initiative, Lightrock, allows clients to co-invest in funds alongside the Princely House of Liechtenstein, which owns the bank. This co-investment approach demonstrates LGT’s commitment to sustainable investing, with employees, including Goeres himself, also investing in these impact funds.
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| Information | Details |
|---|---|
| Geography | Middle East |
| Countries | 🇦🇪 🇩🇪 |
| Sentiment | positive |
| Relevance Score | 1 |
| People | Sebastian Goeres |
| Companies | Lightrock, Spear’s, United Nations, Princely House of Liechtenstein, LGT |
| Currencies | Swiss Franc |
| Securities | None |
